"The asset management sector is important to the economy, managing the savings of millions of people and in the current low interest environment it’s vital we help people earn a return on their savings," said FCA chief exec Andrew Bailey.

"We need a competitive sector, attracting investment into the United Kingdom which also works well for the people who rely on it for their financial wellbeing.

"We have listened carefully to the feedback we received in response to our report last November. We have put together a comprehensive package of reforms that will make competition work better and help both retail and institutional investors to make their money work well for them."